Corbat had last year outlined an ambitious plan to grow profit and return at least $60bn to shareholders.

At its first investor day in nine years in July last year, Citigroup executives detailed ways they intend to generate more revenue, cut unnecessary costs, use capital more wisely and get back to building businesses after a long period of divestitures.

The bank’s provision for income tax fell by $351m in the reported quarter, following President Donald Trump’s corporate tax rate cuts.

Through Thursday, Citigroup shares are down 7.9pc for the year, compared with the 1pc drop in the broader KBW Bank Index.

JPMorgan Chase & Co’s quarterly profit topped Wall Street’s expectations on Friday, as trading revenue came in much higher than expected and demand for loans increased on the back of a strengthening US economy.